Two apartment complexes totaling 1,022 units in Washtenaw County’s Pittsfield Township have sold to a joint venture between Troy-based Hayman Co. and Birmingham-based Belfor Holdings Inc. in what the broker involved called the largest multifamily deal in Michigan so far this year.

The Pines ofCloverlane has 582 units and Hamptons of Cloverlane has 440 units.

Neither Hayman Co. President Andrew Hayman nor Kevin Dillon, partner in the Troy office of Phoenix, Ariz.-based Hendricks-Berkadia Apartment Real Estate Advisors, which represented Hayman Co. and New York City-based seller Sterling Equities Inc. in the deal, would comment on the sale price.

CoStar

The Pines of Cloverlane at 4907 Cloverlane Dr. in Pittsfield Township has 582 units.

The average asking sale price per unit last year in the Ann Arbor multifamily market was $77,670, according to Washington, D.C.-based real estate information service CoStar Group Inc. That would put the total sale price at $79.4 million.

Hayman Co. closed on the complexes, both between I-94 and West Michigan Avenue, on Thursday, Hayman said.

Sterling Equities was co-founded by New York Mets co-owner Fred Wilpon, a University of Michigan graduate, and team President Saul Katz. Wilpon is also the Sterling Equities board president, while Katz is the company president.

The average monthly rent at Hamptons of Cloverlane is $1,003; it was built in 1986, according to CoStar. The average monthly rent is $793 at The Pines of Cloverlane, which was built in 1976, according to CoStar.

The Ann Arbor multifamily residential market had a 98.7 percent occupancy rate in the fourth quarter last year, according to data from the Southfield office of CBRE Inc.

Average rents in Ann Arbor have gone from $994 in the second quarter of 2013 to $1,038 in the fourth quarter, a 4.4 percent increase, according to CBRE.

Hayman Co. plans $6 million to $7 million in renovations at the apartments, including updated kitchens and bathrooms, and improvements to clubhouses and landscaping, Hayman said.

The complexes have one- and two-bedroom units ranging from about 700 square feet to 1,200 square feet, Hayman said.

Hayman Co. will manage the properties.

Terry Halverson, senior vice president of commercial real estate finance for Hendricks-Berkadia, arranged the financing on the deal, Dillon said.

The purchase brings Hayman Co.’s multifamily residential portfolio to more than 12,000 units in Michigan, Ohio, Illinois, Tennessee and Texas.

This is the second large multifamily deal for Hayman Co. since December, when it purchased the 981-unit Independence Green apartment complex in Farmington Hills from Denver-based real estate investment trust Aimco.

Independence Green, located at Grand River Avenue and Halstead Road, was 95 percent leased at the time of the closing. The sale price was not disclosed.

If you enjoy the content on the Crain's Detroit Business Web site and want to see more, try 8 issues of our print edition risk-free. If you wish to continue, you will receive 44 more issues (for a total of 52 in all), including the annual Book of Lists for just $59. That's over 55% off the cover price. If you decide Crain's is not for you, just write "Cancel" on the invoice, return it and owe nothing. The 8 issues are yours to keep with no further obligation to us. Sign up below.

If you enjoy the content on the Crain's Detroit Business Web site and want to see more, try 8 issues of our print edition risk-free. If you wish to continue, you will receive 44 more issues (for a total of 52 in all), including the annual Book of Lists for just $59. That's over 55% off the cover price. If you decide Crain's is not for you, just write "Cancel" on the invoice, return it and owe nothing. The 8 issues are yours to keep with no further obligation to us. Sign up below.